06/22/2016

Banks of Kyoto Negotiating for Stake in Sky Ocean Asset Management

On June 9, 2016, Bank of Kyoto and Gunma Bank announced that they are in negotiations to invest in Sky Ocean Asset Management.

The negotiations are in the late stages, with the deal focused on a partnership between Bank of Kyoto and Gunma Bank to sell diversified investment trusts managed by Sky Ocean Asset Management (“Sky Ocean”). The two Japanese regional banks in turn will receive a share of management fees from Sky Ocean in proportion to their respective stakes.

Sky Ocean is an asset management subsidiary of Bank of Yokohama. As of June 2016, it manages more than 23 billion yen ($215 million) in assets.